Dogecoin, surged over 40% after Coinbase announced it is listing the token on its licensed platform. Dogecoin was created by Billy Markus and Jackson Palmer as a joke when there was a great deal of anxiousness about digital assets in 2013. Like Bitcoin, Dogecoin empowers distributed exchanges across a decentralized network.
Due to the retail investor fuelled excitement, Dogecoin hit its all-time high of $0.73 to become the fourth-biggest cryptocurrency globally with a market capitalization of nearly $90 billion.
Coinbase announced Trading for Doge will begin on or after 9 am Pacific Time (PT) Thursday, 3 June, if liquidity conditions are met.
Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only, and full trading
Dogecoin came into the spotlight after Elon Musk, CEO of Tesla, tweeted “It’s inevitable,” along with the image of the meme cryptocurrency in July 2020.
Michael Stark, a research analyst at broker Exness, said: “Coinbase’s listing of Dogecoin has boosted sentiment. However, the key driver behind the uptick in buying today is Elon Musk’s tweet of a meme, claiming that Dogecoin’s takeover is ‘inevitable.”
Musk gave additional publicity to DOGE on Tuesday when he tweeted another Dogecoin meme. This time, the meme displayed a dog huddled over a 1980s computer setup accompanied by the caption: “I have to keep my passion hidden from the public, or I’ll be socially ostracized.”
However, Musk has also reminded his 56.3 million supporters that he isn’t authoritatively connected with the task and that his ability to influence was limited.